GBPUSD gathering further momentum

GBPUSD

GBPUSD seems to be gathering further momentum and it current target seems around 1.5125 level and once GBPUSD manages to break above that level, it will be looking to target 1.5300 level. Conservative traders might look to buy GBPUSD on dip below 1.5000 level and from there will look to target somewhere around 1.5300 level.

Recommended Trade:

Buy GBPUSD @ 1.4935 for Profit Limit @ 1.5300 with Stop @ 1.4835

GBPUSD (1.4708)

It seems that GBPUSD might look to take a dip and traders will hope to get it just above 1.4800 level for a intra-day trade towards 1.4700 level. Keeping the current scenario in view, I don’t expect GBPUSD breaking into any side during this week. The same psychology will be affecting clients at the moment and therefore they will be more focused in short term trades.

  

TRADE:

Sell GBPUSD @ 1.4805 for Profit Level @ 1.4705 with Stop @ 1.4845

GBPUSD looking to target 1.4885

GBPUSD (1.4732)

GBPUSD is looking to target 1.4880 at the moment and that will complete long term retracement for GBPUSD. 1.4880 level will also be important because GBPUSD might resume downward trend from there and in case GBPUSD manages to break that level then we will be looking at GBPUSD heading above 1.5000 level. Currently traders will look to buy GBPUSD around 1.4675 level for nice intra-day trade.

  

TRADE:

Buy GBPUSD @ 1.4675 for Profit Level @ 1.4850 with Stop @ 1.4625

GBPUSD around important level

GBPUSD (1.4551)

GBPUSD is looking to get back into the long term downward trend. The situation is getting a bit confused for the conservative traders. Aggressive traders will be looking to sell GBPUSD on rise for retracement around 1.4675 level with a short stop. GBPUSD might take another rise towards 1.4900 level  and then resume long term trend again. Intra-day traders will look to hold back a bit for GBPUSD to settle back into downward trend.

  

TRADE:

Sell GBPUSD @ 1.4675 for Profit Level @ 1.4525 with Stop @ 1.4725

GBPUSD looking to target 1.4885

GBPUSD (1.4729)

GBPUSD manages to break above 1.4700 level yesterday and the movement seems to continue towards 1.4885 level. Around 1.4900 level, we will see GBPUSD tested by weekly resistance as well as GBPUSD will be touching long term Moving Average. If GBPUSD manages to break above 1.4900 level, then the long term upward trend will be confirmed and we will be looking at only buying GBPUSD after that. Currently traders will look to buy GBPUSD for targets around 1.4885 level and once GBPUSD gets there, aggressive traders might opt to sell with stop and conservative traders might choose to stay back and let GBPUSD settle on its trend.  

TRADE:

Buy GBPUSD @ 1.4705 for Profit Level @ 1.4885

GBPUSD (1.4505)

GBPUSD is currently taking some retracement at the moment and will look to resume its downward move again soon. The market, especially EURUSD is on very lower levels and this is creating a sense of panic among the people that the market might look to reverse itself. For this reason we are looking small movements in both directions.

TRADE:

Sell GBPUSD @ 1.4545 (Sell again @ 1.4615 if required) for Profit Level @ 1.4425 with Stop @ 1.4665

DAILY CHART:

GBPUSD (1.4454)

GBPUSD seems to be getting back into its downward trend after taking long term retracement and it seems that it might look to now take a dip below 1.4000 level. Traders will be currently looking to sell GBPUSD for anything above 1.4500 level and most preferably around 1.4550 level.

The initial targets will be around 1.4250 level and break of that will certainly open up targets below 1.4000 level. RSI, in daily charts, also have opened up enough for GBPUSD to make a dip towards 1.4000 level.

TRADE:

Sell GBPUSD @ 1.4535 (Sell again @ 1.4660 if required) for Profit Level @ 1.4235 with Stop @ 1.4720

Small trading range for USDJPY

USDJPY (91.38)

USDJPY is settling in an upward trend and Intra-day traders might look to trade with a small stop. Currently such level is around 90.95 for buying USDJPY. Use of small stop is recommended because USDJPY might look to resume its long term downward trend but currently it seems that USDJPY is taking correction for 93.50 to 89.00 leg.

TRADE:

Buy USDJPY @ 90.95 for Profit Level @ 91.55 with Stop @ 90.60

DAILY CHART: